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Gambling.co.uk: Gambling News Archive

PartyGaming remains confident on future

Operator behind PartyPoker.com expects fourth quarter revenues to be in line with earlier predictions while earnings should be ‘slightly ahead’.

Wednesday 30th December 2009



Leading listed online gaming operator PartyGaming has stated that its revenues since the end of September are expected to be in line with its earlier predictions despite falling over the first nine months of the year. PartyGaming owns the World Poker Tour land-based poker tournament series and operates popular online poker domain PartyPoker.com alongside leading bingo sites FoxyBingo.com, MirrorBingo.com, ThinkBingo.com and CheekyBingo.com. The operator stated that it would release its financial results for the fourth quarter of 2009 on February 3 and expects clean full-year earnings before interest, tax, depreciation and amortisation to be ‘slightly ahead’ of its expectations. “As indicated at the time of our third quarter key performance indicators, our business has continued to perform well across the board during the fourth quarter with a return to net revenue growth across all four of our key product verticals,” said Jim Ryan, Chief Executive Officer for the Gibraltar-based operator. “Returning poker to growth has been a key focus for us. We are pleased to see that the initiatives introduced throughout the year are now feeding through into both operational and financial performance with increased player numbers and average net daily revenues versus the previous quarter, despite continued competition from illegal US-facing sites and the difficult macroeconomic climate. “Our casino business has also continued to perform well on the back of new games launched on PartyCasino.com as well as higher jackpots with the most recent Mega Gold jackpot paying out close to five million dollars to the lucky winner earlier this month. “Bingo continues to show substantial growth on the back of the CashCade acquisition in July of 2009. “In sportsbetting, our gross win margin has benefited from a good run of sporting results and the introduction of improved risk management tools. “Despite the challenges presented by the prevailing macroeconomic environment, we have not been distracted from the execution of our strategic plan. With the prospect of a number of new and large regulated markets in front of us, an expanding portfolio of business-to-business customers and a return to growth in our core business, we remain confident about the group’s prospects.”




Source: OnlineCasinoNews

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